Bitmain Files for US IPO
Main page News, US, China, Mining, IPO

Chinese leading mining devices maker Bitmain has allegedly filed an IPO application with the US Securities and Exchange Commission (SEC), Tencent News reported today.

According to the news source, the company has filed this application in secret. The IPO will reportedly be sponsored by German bank Deutsche Bank.

Although the company has not mentioned how much money it plans to raise during its IPO, in June it was reported it intends to attract about 300-500 million dollars.

This amount is significantly lower than the one the company intended to raise in its failed IPO in Hong Kong, when it expected to attract around $3B. However, the IPO application expired in March and the company did not renew it.

According to Tencent, Bitmain has also hired Zheng Hua, a former representative of Nasdaq China, as the company's consultant in order to increase its chances to have its IPO application approved.

Chinese mining equipment maker Canaan Creative has officially filed an application to go public in the United States. Canaan plans to trade on the NASDAQ under the CAN ticker and raise $400M. The company's subscribers include Credit Swiss, Citi Group and Galaxy Digital.

According to the Chinese media, Canaan could reach a valuation of $2-3B.

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